US inflation eases in July as petrol prices fall

Image Credit: Pixabay

The annual inflation rate was 8.5% in July, down from June when it surged to 9.1% : Labor Department

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Over the past 12 months, the price of groceries in the US has increased by 13.1%

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Pandemic shutdowns in China, Ukraine War and other issues have also strained supplies of goods, such as oil and wheat.

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This is the largest annual increase since 1979.

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Petrol prices down by 7.7% compared to June.

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Hotel room costs fell 2.7 per cent.

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Used car prices dropped 0.4 per cent.

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Prices in the US have been rising sharply since last year

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The US central bank has been trying to stabilize prices by raising interest rates since March.

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